Most businesses in Burlingame, CA, aren’t legally required to carry extensive commercial insurance policies, but doing so can be a smart decision. Whether your lost inventory is covered depends on your specific coverage and policy details. Here’s what you need to know about commercial insurance options.
Legal Requirements for Businesses
California law mandates that businesses carry workers’ compensation insurance and that company vehicles have commercial auto insurance. While liability insurance isn’t legally required, many business owners opt for it to protect against lawsuits. Keep in mind that liability insurance only covers legal claims against the company and does not extend to property or inventory protection.
Protecting Your Property
Property insurance is essential for safeguarding your business assets. This type of coverage typically includes protection for damages to your building and inventory caused by covered perils, such as fires or other crises. Work with an insurance provider to ensure your policy offers sufficient coverage to replace your inventory in the event of significant damage.
Business Interruption Insurance
Although not required by law in California, business interruption insurance is highly beneficial. These policies provide financial support if your business needs to close temporarily. Coverage can include lost wages and business income, helping you avoid financial hardship during safety-related closures or repair periods.
California business owners have several commercial insurance options to consider for financial protection. Agents at Commercial One Insurance Service are here to help. Contact us today to learn more about policy options, legal requirements, and emergency coverage. We proudly serve the Burlingame area.
